It's funny, there was a piece on the local news last night about what to put on open cuts and what not to. The guy doing the piece is an MD. He was very emphatic about not putting any substances such as butter, syrup, honey, hand lotions, etc. on an open cut. He said you're better off just washing it and covering.

The thing that was recommended is antibiotic ointments specifically for open wounds. If it says on the label that it's not recommended for use on open wounds, don't use it. Care needs to be taken to not overdo it with recommended ointments, just a little dab. Too much keeps the wound from drying and can actually be detrimental.